I love that chart. The only thing missing from the chart is the debt monetization efforts by the Fed. The expansions of the TSLF and the PDCF (which is sort of unnecessary, as the money center banks can always arbitrage with the IBs to dump to the TSLF) are unbelievably important. $250B of monetization, gee, where do you think a large portion of that capital was deployed?

Actually, that chart is even more compelling if you roll the start date back to Jan1, 2006.